A tax guide with Seoul Assembly Member Yun Yu-jin (Ph.D. in accounting and taxation)
"No one should miss out on tax benefits just because they didn't know"
From child tax credits for dual-income couples to dependent deductions
A guide to earned income tax credit applications and amended return filings
Practical tax information including high school tuition deductions and year-end tax settlements
Dependent deduction eligibility to expand as income threshold rises from 1 million to 3 million won
Seoul Assembly Member Yun Yu-jin, a practicing tax accountant and holder of a doctorate in accounting and taxation, breaks down the key changes in the government's 2026 tax reform proposal that salaried workers, young adults and self-employed individuals need to know.
Key highlights this episode: Is the dependent deduction really going from 1.5 million to 3 million won — or is something else changing? What is the expanded monthly rent tax credit limit, and what rate applies to you? Missed a filing deadline? Filing quickly can reduce penalty surcharges. For single-homeowners subject to the comprehensive real estate tax, residency is now favored over mere ownership.
Don't miss the tax reform updates you might overlook — catch them on Yun Yu-jin's Tax Talk.
Editor's note: Taxes affect every citizen, yet the complexity of tax law and unfamiliar terminology make the subject daunting for many. Understanding income tax, property tax, the comprehensive real estate tax, inheritance tax and gift tax — all of which touch daily life — is the starting point for sound financial decision-making. The Herald Business is launching "Yun Yu-jin's Tax Talk," a special series produced with Seoul Assembly Member Yun Yu-jin, a Ph.D. in accounting and taxation. The series will explain everyday tax knowledge, major tax reforms, tax-saving strategies and policy debates in plain language accessible to the general public. The goal is to serve as a practical tax guide that deepens taxpayers' understanding and strengthens their rights. About Assembly Member Yun Yu-jin: master's degree in tax law from Yonsei University; doctorate in accounting and taxation from Gachon University; 12th-term Seoul Metropolitan Assembly member (Education Committee); representative tax accountant at Yun Yu-jin Tax and Accounting Office; adjunct professor in the Department of Accounting and Taxation at Gachon University; National Tax Service (March 2021–July 2017).
Many taxpayers miss out on benefits they are entitled to simply because they do not fully understand the tax system. A lifestyle-focused tax information series is drawing attention for explaining everyday tax issues in accessible terms — from child tax credit applications for dual-income couples to dependent deductions and education expense credits.
The fourth episode of "Tax Talk" focuses on the various tax benefits that salaried workers and dual-income households want to know about, as well as key points to watch during the year-end tax settlement process. The episode places particular emphasis on connecting complex tax rules to real-life situations people are likely to encounter.
One of the main topics is how dual-income couples can apply for the child tax credit. The credit is designed to ease the child-rearing burden for households that meet certain income and asset requirements. For dual-income households, both spouses' income and household eligibility must be assessed together, and the credit cannot be claimed by both spouses simultaneously.
Even when a credit has already been paid out, circumstances may arise requiring verification depending on the application details or eligibility conditions. It is therefore important to have an accurate understanding of household composition and income criteria during the application process.
The episode also addresses dependent deduction issues that frequently arise during year-end tax settlements. Even when a taxpayer is supporting a parent, spouse or other family member, a deduction is not automatically available. The family member must meet legally defined requirements regarding income, age and whether they are actually being supported.
Particularly important is the rule that the same dependent cannot be claimed by more than one person. If a sibling has already applied the dependent deduction for a parent, another sibling cannot claim the same deduction. An incorrect deduction claim can lead to penalties during a later tax reconciliation, making advance verification essential.
Education expense credits for children were also covered. Tuition paid for a high school student may qualify for a tax credit, subject to the requirements and limits set out in relevant regulations. Because eligibility varies by type of expenditure, however, taxpayers must distinguish the nature of each educational expense actually paid.
The episode also introduced the amended return system, which allows taxpayers to correct missed tax benefits after the fact. An amended return is a procedure through which a taxpayer who has over-reported taxes or omitted deductions or exemptions can request a correction of the tax amount under legally defined conditions. In general, a claim can be filed within five years of the statutory filing deadline, though the applicable period and requirements vary by individual case.
Alongside this, the episode covered how to review credit card spending records and deduction eligibility ahead of the year-end settlement. Higher card spending does not automatically translate into larger deductions — taxpayers must also consider their total annual salary, total spending amount and the deduction rate applicable to each payment method.
This episode of "Tax Talk" aims to move beyond viewing taxes as a mere obligation, helping taxpayers develop an accurate understanding of the system so they can claim the benefits they are legitimately entitled to.
The content is structured around situations that ordinary taxpayers — particularly dual-income households and salaried workers raising children — are likely to face in practice, making tax information more accessible.
In the tax system, even small differences in eligibility conditions can determine whether a deduction applies and how large a refund a taxpayer receives. Experts advise that before applying for deductions or tax credits, taxpayers should verify their own income, assets and family status against the applicable requirements, and consult the National Tax Service's guidance to check the latest standards.
7toy7@heraldcorp.com
